WCSS Zenith

completed

The project is part of a short-term liquidity facility for up to US$600 million to existing IFC clients in Nigeria. The objective of the facility is to help address an acute foreign exchange (“FX” or “USD”) liquidity shortage in the country by availing short-term loans in USD to the banks for settling their clients’ trade import bills and provide trade-related working capital loans to new and existing client companies. The facility will be geared towards providing import financing for largely consumer food staples, pharmaceuticals and medicines as well as agri inputs and industrial raw materials.Under the facility, a US$150 million loan will be made available to Zenith Bank PLC, of which US$45 million will be for IFC’s own account and the remaining US$105 million will constitute mobilized funding through B loans, parallel loans and/or guarantees.